Russell Simmons Divorce Settlement

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Introduction to Russell Simmons Divorce Settlement

Russell Wendell Simmons is an entrepreneur in the United States. Along with Rick Rubin he co-founded the pioneering hip-hop label Def Jam. Simmons is also the creator of American Classics, Argyleculture and Phat Farm which are clothing fashion lines.

Kimora Lee Simmons is the Creative Director and President of Phat Fashions, an author and an American fashion model. In the past, she worked as a Creative Director of Baby Phat.

In November 1992, while the New York fashion week was in progress, the above two persons met each other. For 6 years, they dated each other. On 20^th December 1998, Russell and Kimora got married. This couple resided in a 4 acre, 10 bedroom house situated at Saddle River, New Jersey. They have 2 daughters, Ming Lee and Aoki Lee.

This couple declared that they were separated in March 2006. They officially filed for divorce in March 2008. Kimora said that there were irreconcilable differences between them. The divorce was announced as final in January 2009. Djimon Honsou is Kimora's new boyfriend.

Terms of Russell Simmons Divorce Settlement

• Kimora has been awarded sole custody of the 2 children, Aoki Lee and Ming Lee
• Russell has been given visitation rights of the children every 8^th week. He would get the following extra time - half of the Spring break, a full week at Christmas, half of all holidays and half of the summer
• Russell would have to pay 18,000 USD per month towards maintenance of the Saddle River, New Jersey Crib
• Kimora has been permitted to freeload at their residence till the couple closes the house
• Every 2 years, Russell must offer his ex a bought or leased car that is valued at minimum 60,000 USD
• Russell is supposed to disburse 20,000 USD per month per child as child support. This child support need not be paid if the following conditions are fulfilled
  • The child completes nineteen and a half years
  • The child gets freedom
  • The child marries
  • The child becomes financially independent
  • The child joins the Armed Forces
  • The child ceases to reside with Kimora

Some people have expressed an opinion that Russell is a loser in this divorce settlement. The reason is that he has to disburse about half a million dollars to a woman who earns 17 million dollars per year herself.

What Russell spoke about the divorce settlement?

• Russell revealed that as per the divorce settlement if he reaches Los Angeles at any moment, then he can call up Kimora and she is willing to send the daughters to meet him. The same is applicable if Kimora reaches New York
• Kimora usually consults him regarding the schools or doctors for their girls. However, she can take the final decision in these issues
• If Kimora desires to make some business decisions regarding their children, it is essential to have Russell's consent

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